RBI allowed Digital Payments without Internet
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “RBI allowed Digital Payments without Internet”
The Reserve Bank of India (RBI) published a framework for allowing digital payments offline up to Rs 200 per transaction to push digital transactions in rural and semi-urban areas.
What it means by offline: It means offline digital payment transaction will not require internet or any other electronic connectivity.
In the offline mode payments can be accomplished by using any channel or instrument like cards, wallets, and mobile devices.
These transactions will not demand an additional factor of authentication (AFA).
The framework has been published after the feedback received from the pilot project on offline transactions which was carried out in different parts of the country during the period from September 2020 to June 2021.
Limits of the scheme:
- As per the RBI’s framework one can do transaction of Rs.200 per transaction.
- There is overall limit of Rs. 2000 until the balance would be refilled by the account holder.
- Balance could be refilled by the user through only an online mode.
- As the transactions will be in offline mode alerts (by way of SMS and/or e-mail) will be obtained by the customer after interim time of period.
- Offline transactions will give energy to digital transactions in areas which have not enough connectivity of internet or telecom.
- It will particularly give advantages to semi-urban and rural areas as the new framework is applicable with immediate effect.
- In the frame work it has been noted that the offline mode of payment can be done after getting the specific permission of the customer.
- The customers will be protected under the provisions for reaching to the Reserve Bank of India’s Integrated Ombudsman Scheme for grievance redress.
- Offline payments can be drawn via any channel or instrument like cards, wallets, and mobile devices.
Question & Answer:
Q1. Who has published the frame work of offline digital payment system in India?
Ans. Reserve Bank of India
Q2. What is the per transaction limit on offline digital payment?
Q3. What is the main purpose behind this framework?
Ans. To push digital transactions in remote area like urban and semi urban area where internet connectivity is low
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